• VUB and Stadtsparkasse Muenchen take €250m each in covered bonds

    Vseobecna uverova banka and Stadtsparkasse Muenchen have both been busy keeping the sub-benchmark covered bond market busy with deals this week.

    • 02:30 PM
  • Investors grab at euro floaters as tapering looms

    Ahead of the European Central Bank's October meeting, banks are reaping a healthy take-up for floating rate notes, with Goldman Sachs and Bank of Montreal the latest to use the format on Thursday.

    • 01:30 PM
  • ASB Finance mandates for covered bond roadshow

    CBA subsidiary, ASB Finance, has mandated leads for a roadshow to market its first covered bond of the year and the third from a New Zealand issuer.

    • 01:15 PM
  • Nationale-Nederlanden set to market debut covered bond

    Nationale-Nederlanden (NN Bank) has mandated leads to market its first covered bond which will have an intermediate conditional pass through maturity.

    • 12:30 PM
  • de Volksbank tests investors' mettle with short fixed rate deal

    de Volksbank was looking to open a benchmark euro curve with a new senior deal on Thursday, testing the market’s appetite for short dated bonds in fixed rate format.

    • 12:00 PM
  • COVERED BOND AWARDS DINNER 2017

    The Cover's 11th annual covered bond awards took place this year at Casa Llotja de Mar in Barcelona on Thursday, September 14. The awards reflected the judgment of more than 600 market participants, including over 300 investors, who reported buying €150bn covered bonds in the past 12 months.

    • 09:30 AM
  • Postal Savings Bank aims for record AT1

    Postal Savings Bank of China Co launched its highly anticipated additional tier one dollar bond on Thursday, seeking a whopping $7bn from what could be the world’s largest AT1.

    • 06:15 AM
  • Markit reflects bank bond evolution with new CDS index roll

    IHS Markit issued series 28 of the iTraxx Europe indices on Wednesday, including UK and Swiss banks at the holding company level for the first time.

    • 20 Sep 2017
  • Mediobanca and Santander CF hit senior as premiums evaporate

    Mediobanca and Santander Consumer Finance launched new deals in the euro senior bond market on Wednesday, arriving at a time when investors are finding it difficult to demand a premium for new deals.

    • 20 Sep 2017
  • Another rare item up for sale as Investec mandates for AT1

    Investec is the latest less-common name to mandate for an additional tier one (AT1) bond, with a roadshow announced ahead of a minimum £200m deal.

    • 20 Sep 2017
  • PKO extends covered bond curve and finds new investors

    PKO Bank Hipoteczny extended its covered bond curve with a deal that was more widely distributed and attracted more demand than any of its previous deals.

    • 20 Sep 2017
  • HY and EM investors gorge on front-loaded supply

    Corporate issuer debuts and long awaited sovereign market returns have given emerging market investors an array of trades to look at this week, surprising some who thought they were in for little more than watching the US Federal Open Markets Committee meeting on Wednesday.

    • 20 Sep 2017
  • Low trigger AT1s popular after Popular

    Investors have largely discredited the idea that the distance between an additional tier one (AT1) trigger point and a bank’s reported capital position is a clear indication of risk, but banks continue to profit from a distinction between high and low triggers.

    • 20 Sep 2017
  • Who cares about tapering?

    If the market commentariat thinks that the buy side should be worried by upcoming European Central Bank tapering, then someone has yet to tell investors.

    • 19 Sep 2017
  • Voting patterns for covered bond awards 2017

    The various constituencies of the covered bond market voted quite differently this year and in some cases the final winning margins were close. See how the market voted for this year’s awards.

    • 19 Sep 2017
  • Scandi names show senior preferred still in favour

    Nordea’s order book was more than twice oversubscribed for a €2bn deal across two tranches on Tuesday, while Swedbank also found demand for a sterling deal. The deals suggest that, despite tight spreads, investors are not deterred from senior preferred from the right names.

    • 19 Sep 2017
  • Totta enjoys blow-out covered bond reception

    Santander Totta took advantage of the paucity of peripheral 10 year covered bond supply, a Portuguese sovereign rating upgrade and buoyant credit conditions to issue a well received €1bn transaction on Tuesday. Meanwhile, PKO Bank signalled its intention to open books soon.

    • 19 Sep 2017
  • ING pays no premium for T2 double-dipping

    ING raised €1bn of new 12 year non-call seven tier two bonds without paying any new issue premium on Tuesday, despite offering investors the chance to invest in a nearly identical deal earlier in the year.

    • 19 Sep 2017
  • Greens bloom as SMFG mandates and DKB goes tight

    Activity in the FIG green bond market is picking up in September with close to 100 accounts putting in orders for Deutsche Kreditbank’s second euro offering on Tuesday and Sumitomo Mitsui Financial Group (SMFG) preparing to hit the road for holding company level green transaction.

    • 19 Sep 2017
  • What geopolitical tensions? Hyundai, Kookmin seal bonds

    Geopolitical tensions around North Korea did not close the primary debt market this week, as Hyundai Motor Group’s US arm snapped up $1bn from a triple-tranche deal and Kookmin Bank priced a $500m trade on Monday.

    • 19 Sep 2017
  • Caffil hits the market with big week expected in covereds

    Caffil set final terms of 2bp through mid-swaps for its no-grow €750m trade, the first deal in a window for issuance between the ECBC/Euromoney congress and Sunday’s German election.

    • 18 Sep 2017
  • Barclays goes green with bonds to finance energy efficient homes

    Barclays has launched a Green Bond Framework, paving the way for it to issue notes specifically used to finance environmentally-friendly homes.

    • 18 Sep 2017
  • Hoist Kredit looks to switch old for new in dual senior offering

    Sweden’s Hoist Kredit has said that it is looking to raise new senior debt in euros, at the same time as asking some of its existing senior bondholders to swap their notes for cash.

    • 18 Sep 2017
  • Bankers doubted debut euro AT1 was ‘doable’, says Jyske’s Novak

    Despite being a small financial institution issuing in sub-benchmark size, Denmark’s Jyske Bank was able to price its first additional tier one (AT1) deal in euros with the lowest ever coupon rate for a bank in the Nordic region. The deal bodes well for rarer names looking to fill up on regulatory capital.

    • 18 Sep 2017
  • South Korean issuers continue to roll out deals

    South Korean dollar bonds are hitting the market unabated despite a new missile launch from North Korea last Friday, with Hyundai Capital America and Kookmin Bank marketing new paper.

    • 18 Sep 2017
  • Santander adds one for Scandi FIG coverage

    Santander has hired a banker from HSBC to work in its debt capital markets team for financial institutions.

    • 15 Sep 2017
  • UniCredit hires three for German FIG team

    UniCredit has made three new appointments within its financial institutions group for Germany and Northern Europe.

    • 15 Sep 2017
  • Boston Common-ShareAction letter to bank CEOs

    Here is the full text of the letter sent by 100 investors to 62 bank CEOs in September 2017, calling on them to manage and disclose climate risk.

    • 15 Sep 2017
  • MUFG hires from BNPP for insurance DCM

    MUFG (Mitsubishi UFJ Financial Group) has hired a senior banker from BNP Paribas to front its EMEA insurance team.

    • 15 Sep 2017
  • GlobalCapital Covered Bond Awards 2017: the winners

    The Cover and GlobalCapital held the annual Covered Bond Awards Dinner on Thursday night at Casa Llotja de Mar in Barcelona, celebrating the best performers in the market.

    • 15 Sep 2017
  • Get real on climate risk, investors tell banks

    A hundred investors managing $1.8tr of assets have signed a letter calling on banks to say more about how they are managing the risk of climate change, and to publish a strategy saying how they support the goals of the Paris Agreement.

    • 14 Sep 2017
  • Small banks soak up the sun in buoyant FIG market

    European banks have spent the better part of the last few years toiling away to raise loss-absorbing debt for new capital standards. But with many of the biggest firms closing in on their requirements, an attractive window has opened up in the primary market allowing a host of smaller names to print rare and first-time trades.

    • 14 Sep 2017
  • Never mind the taper, buy the paper

    Bank of America led a flurry of issuance from big-name financials which defied predictions by tapping the dollar market in advance of third quarter results to get ahead of next week’s Federal Open Market Committee meeting.

    • 14 Sep 2017
  • CCI USD500m 4.125% Sept 24

    • 14 Sep 2017
  • KBC Group EUR500m 1.625% Sep 29 tier two

    • 14 Sep 2017
  • LF Bank EUR500m 0.5% Sep 22

    • 14 Sep 2017
  • National Australia Bank EUR500m 0.625% Sep 24

    • 14 Sep 2017
  • Bank of Ireland USD500m 4.125%/GBP300m 3.125% Sep 27 tier twos

    • 14 Sep 2017
  • Export Credit Bank of Turkey USD500m 4.25% Sept 22

    • 14 Sep 2017
  • Russia roundup: CBM added to SIB list, NLMK issues, sovereign details buy-back

    The Central Bank of Russia (CBR) has added Credit Bank of Moscow (CBM) to its list of systemically important banks (SIBs) this week, prompting a 2.5 cash point rally in the issuer’s subordinated bonds.

    • 14 Sep 2017
  • Westpac USD1.25bn 5% PNC10 AT1

    • 14 Sep 2017
  • September in full swing in euro FIG mart

    Bank of America helped to cap off a busy week of new FIG supply, as banks found a window to return to the primary market following the summer break.

    • 14 Sep 2017
  • Ireland joins holdco ranks with popular Bank of Ireland debut

    Bank of Ireland got Irish banks off the mark with meeting their targets for minimum requirement for own funds and eligible liabilities (MREL) this week, selling its first trade from its holding company into a strong pool of demand.

    • 14 Sep 2017
  • Qatar funding freeze thaws in Asia as QNB prints $630m Formosa

    Qatar National Bank has secured $630m with a structured Formosa bond to prove it is still able to access funding despite the sensitives surrounding the Qatar crisis.

    • 14 Sep 2017
  • NAB’s senior falls between cracks

    National Australia Bank (NAB) was said to have “fallen between the cracks” this week when a €500m seven year deal appeared to find the limit of investors’ demand for tightly priced senior bonds.

    • 14 Sep 2017
  • Lloyds debuts in Kangaroo market with holdco

    Lloyds Bank issued its first Australian dollar bond through its senior holding company on Wednesday. As the Kangaroo market shows itself receptive to loss-absorbing products, bankers expect more financial institutions to diversify down under.

    • 14 Sep 2017
  • Scheming Europeans

    President of the European Commission Jean-Claude Juncker’s address on the state of the EU proposed more Europe as a remedy for most of what ails the bloc. A European finance minister, European Monetary Fund, and a tighter decision making system should give the Union a clearer direction. Maybe — but then he would say that.

    • 14 Sep 2017
  • EU harmonisation outlook leaves covered bond market sanguine

    Risks including regulation, monetary tightening and the rise of the senior preferred asset class are touted as threats to the covered bond market. But participants on the opening panel of the Euromoney/ECBC Covered Bond Congress remained relatively unfazed.

    • 14 Sep 2017
  • Investors bear ‘very tight’ Westpac AT1

    Westpac was able to squeeze the pricing through fair value for its debut additional tier one (AT1) in dollars this week.

    • 14 Sep 2017
  • Covered bond issuers unperturbed by ECB’s imminent withdrawal

    Even though central banks continue to regularly buy up to 40% of covered bonds, borrowers are remarkably stoic about spread prospects even after the European Central Bank’s purchase programme (CBPP3) has ended, delegates at the ECBC/Euromoney covered bond congress heard on Thursday.

    • 14 Sep 2017
  • BPM and Sella look for buyers in Italian FIG window

    Banco BPM and Banca Sella were looking to test the market’s appetite for subordinated debt from Italian banks on Thursday, opening books on new tier two transactions.

    • 14 Sep 2017
  • Bank of America goes short for euro FRN

    Bank of America was looking to issue floating rate notes in an undersupplied part of the curve on Thursday, fresh from a funding splurge in the dollar market.

    • 14 Sep 2017
  • Credit Bank of Moscow added to list of Russian SIBs

    The Bank of Russia has added Credit Bank of Moscow to its list of systemically important banks (SIB), prompting a 2.5 cash point rally in the issuer’s subordinated bonds.

    • 14 Sep 2017
  • Jyske taps AT1 demand as smaller names line up

    Denmark’s Jyske Bank was more than five times subscribed for first additional tier one (AT1) deal on Thursday, with a lack of supply from Europe’s largest banks allowing smaller ones a strong chance to raise bank capital.

    • 14 Sep 2017
  • QNB turns to Taiwan for cash

    Qatar National Bank has secured $630m with a structured Formosa bond to prove it is still able to access funding despite the sensitives surrounding the Qatar crisis.

    • 14 Sep 2017
  • Shinhan throws off North Korea worries for second dollar bond of 2017

    South Korea’s Shinhan Bank braved the dollar market on Wednesday for the second time this year, hoping to secure a new Basel III tier two dollar bond while North Korea-related volatility looked quiet.

    • 14 Sep 2017
  • Cédulas faces biggest obstacles to covered bond harmonisation

    The Spanish covered bond legal framework is so vastly different from the rest of the world’s that it is likely to face the most severe challenges in trying to implement a harmonised European covered bond directive, delegates at the European Covered Bond Council’s plenary session heard on Wednesday.

    • 14 Sep 2017
  • Postal Savings Bank hits the road for new AT1

    Postal Savings Bank of China Co has mandated 21 banks to work on a dollar AT1 transaction worth up to Rmb50bn ($7.4bn), expected to hit the market as early as next week.

    • 14 Sep 2017
  • Europe leads the global covered bond march

    ECBC speakers lauded the global popularity of ‘very trendy’ covered bonds, while general secretary Luca Bertalot evoked Christopher Columbus as a model for the European market.

    • 13 Sep 2017
  • Energy-efficient mortgage data collection gets going

    Mortgage industry bodies are pressing ahead with a pilot scheme to collect data on mortgages on energy-efficient homes, which could eventually help promote issuance of green covered bonds and mortgage-backed securities.

    • 13 Sep 2017
  • Extendable covered bonds: more popular, but handle with care

    Extendable maturity covered bonds are looked on more favourably by issuers and rating agencies than they used to be. But some think issuers should have limited power to extend maturities at their discretion.

    • 13 Sep 2017
  • Lloyds debuts in Kangaroo market with holdco

    Lloyds Bank debuted its first ever Australian dollar bond through its senior holding company on Wednesday. As growing numbers of foreign lenders are drawn to the Australian currency — a consequence of the high rates relative to other markets and a buoyant economy — there is a growing incentive for international borrowers to place bonds down under.

    • 13 Sep 2017
  • FIG pipeline fills out with fresh faces Banco BPM and de Volksbank

    Italy’s Banco BPM and the Netherlands’ de Volksbank have said they are looking at selling inaugural bond transactions in the public market since undergoing major changes in the way they operate, as the pipeline for new deals continued to grow this week.

    • 13 Sep 2017
  • Bank of Qingdao hits targets on $1.2bn AT1

    Ample demand allowed Bank of Qingdao to price its inaugural additional tier one dollar bond tightly on Tuesday. The deal stood out because of the bigger participation from non-Chinese investors — something that bodes well for the hefty AT1 pipeline.

    • 13 Sep 2017
  • Investors put cash out for harvest time in FIG

    Bank debt investors have stood ready to take on a barrage of deals in multiple currencies this week, and there is little sign that they have reached their limits.

    • 13 Sep 2017
  • ABC International makes rare visit for $500m bond

    ABC International Holdings tackled its looming maturities head on with a $500m three year bond on Tuesday, finding favour among investors thanks to fair pricing and its rarity value.

    • 13 Sep 2017
  • Shinhan returns for dollar tier two transaction

    South Korea’s Shinhan Bank is set for a new Basel III tier two dollar bond, as it markets a transaction that mirrors its debut 18 months ago.

    • 13 Sep 2017
  • The FIG capital conversation is changing

    European banks are pushing the conversation on from simply meeting regulatory capital requirements towards optimising the cost of their capital stacks.

    • 12 Sep 2017
  • Goldman first true challenger to UK heavyweights

    For years there's been talk of online lenders and challenger banks disrupting the UK banking sector, but reports that Goldman Sachs is ready to plant its flag in the UK savings and consumer lending market is the biggest challenge established UK giants are likely to face.

    • 12 Sep 2017
  • Nordic SSAs prepare green impact guide

    A group of Nordic public sector issuers are preparing a “practical guide on impact reporting” in the green bond market. While the initial aim is to assist Nordic borrowers in the public and private spheres, the authors hope that it could prove useful for issuers from other countries too.

    • 12 Sep 2017
  • Opaque covered bond issuers may lose ECB repo eligibility soon

    Many covered bond programmes are still falling short of new European Central Bank disclosure requirements. Unless issuers improve the timeliness and content of their disclosures, affected covered bonds could soon become ineligible for ECB repo, which would widen spreads.

    • 12 Sep 2017
  • Bank of Ireland debuts holdco across two currencies

    Bank of Ireland was simultaneously in the sterling market and the dollar market on Tuesday as it sold tier two bonds from its holding company.

    • 12 Sep 2017
  • Hypo Vorarlberg clears funding path with debut green

    Austria’s Hypo Vorarlberg made its first entry into the green bond market this week, clearing the path for future deals by not squeezing the price.

    • 12 Sep 2017
  • Westpac targets tight levels on ‘surprise’ dollar debut in AT1

    Westpac was set to squeeze the pricing for its debut additional tier one (AT1) in US dollars on Tuesday.

    • 12 Sep 2017
  • Turk Exim sets strong tone, crushes NIP

    Turk Eximbank issued the first bond from a Turkish bank since June on Monday, in a deal with a slim new issue premium that set a strong tone for future issuance as books hit $2.1bn.

    • 12 Sep 2017
  • Sella goes public for first time since 2011 with T2

    Banca Sella is set to hit the public market for the first time in over seven years — but going public for a small deal brings risks as well as opportunities.

    • 12 Sep 2017
  • Asia, US safeguard BOC Aviation’s $1bn dual trancher

    BOC Aviation landed safely with its dual-tranche bond on Monday, pricing both the $500m portions inside its curve. While participation from US investors was significant, Asian accounts were still the price leaders, helping the issuer keep its costs low, said bankers.

    • 12 Sep 2017
  • ABC International out for funds, BJ Infrastructure mandates

    ABC International Holdings is back in the offshore bond market, opening books for a senior unsecured fixed rate dollar trade on Tuesday. Separately, Beijing Infrastructure Investment Co is set to end its two-year absence from the international market.

    • 12 Sep 2017
  • Sun Hung Kai makes triumphant dollar return

    Sun Hung Kai & Co’s good run in the dollar debt market continued this week as the Hong Kong financial investment firm sealed a $150m tap, once again going beyond the targeted size.

    • 12 Sep 2017
  • Bank of Qingdao raises the curtain on Chinese AT1 supply

    Bank of Qingdao is whetting investors’ appetite with a dollar-denominated Basel III additional tier one bond, only the second from a Chinese city commercial bank, and coming ahead of an expected flood of supply from the country.

    • 12 Sep 2017
  • US insurers, cities well placed to cope with Irma and Harvey — moms and pops less so

    Financial markets in the US reacted with relief today, as the devastation wrought in Florida by Hurricane Irma may be less bad than feared a few days ago. Most large US institutions affected ought to be financially strong enough to withstand the losses — but there could be heavy economic damage for people and businesses not covered by insurance.

    • 11 Sep 2017
  • Brazil moves closer to covered bond issuance

    The Brazilian Monetary Authority (CMN) has published a covered bond regulatory framework which paves the way for the country’s five largest lenders to press ahead with deals. Though the move is credit positive for banks, they are unlikely to issue in euros in the near term.

    • 11 Sep 2017
  • Lewin and Köb change jobs at Zurich Insurance

    Zurich Insurance Group is reshuffling two of its most senior responsible investment officials, who are moving to new roles.

    • 11 Sep 2017
  • Turk Exim price talk shows 'irrelevance' of starting levels, say investors

    Turk Eximbank has opened books on a new five year senior note with price talk at a wider level than its seven year bond, leading one buy-side analyst to remark that initial price thoughts in EM are “irrelevant.”

    • 11 Sep 2017
  • NAB and LF Bank get in early with senior offerings

    National Australia Bank (NAB) and Sweden’s Länsförsäkringar Bank (LF Bank) were selling new senior deals on Monday, with daily supply volumes set to fall later in the week when FIG market participants head to Barcelona for the Euromoney/ECBC Global Covered Bond Congress.

    • 11 Sep 2017
  • KBC profits from ‘limited expectation’ of tier two supply

    KBC came to the market on Monday with €500m of 12 year non-call seven bonds and released pricing guidance at around fair value.

    • 11 Sep 2017
  • Deutsche Kreditbank lines up green bond as market grows

    Deutsche Kreditbank (DKB) is preparing to sell a new green senior bond this week, as the pool of European banks involved with format expands.

    • 11 Sep 2017
  • Shorting Australia and securitization for MDBs: ideas from Sustainable Capital Markets Forum

    Two hundred delegates gathered in Amsterdam on Tuesday September 5 for Euromoney Conferences’ fifth Sustainable and Responsible Capital Markets Forum. For the second time, it was organised jointly with GlobalCapital.

    • 11 Sep 2017
  • Sun Hung Kai ready to boost 2022s with tap

    Hong Kong’s Sun Hung Kai & Co returned to the market on Monday morning, looking to add to its $400m 2022s sold at the end of August.

    • 11 Sep 2017
  • Back for more: BOC Aviation soars for new dual-trancher

    BOC Aviation took off with its first dollar-denominated dual-tranche offering on Monday, marking a rapid return to the international debt market this year.

    • 11 Sep 2017
  • Capital markets head leaves NatWest

    The global head of debt capital markets at NatWest Markets has decided to leave the bank after nearly 20 years.

    • 08 Sep 2017
  • EBA requirements on covered bond maturity extension could be ‘perilous’ for Denmark, says DBRS

    The European Banking Authority’s recommendation that an issuer should have defaulted before a covered bond maturity can be extended could set a “perilous path” for Danish covered bonds warned DBRS in a note to clients. But the EBA said its recommendations are compatible with Danish law.

    • 08 Sep 2017
  • Constructive covered bond mood to persist but vigilance still needed

    Rates markets have barely reacted in the aftermath of Thursday’s European Central Bank meeting, and covered bond issuance conditions are likely to remain constructive. Despite this, vigilance is required as the positive situation can easily lead to complacency.

    • 08 Sep 2017
  • Updated: BOCHK eyes giant Rmb9bn Panda bond

    Bank of China Hong Kong (BOCHK) is coming back to the Panda bond market after a two year absence, with the ambition of raising a whopping Rmb9bn ($1.38bn) from a one year note.

    • 08 Sep 2017
  • Belfius EUR750m 0.75% Sep 22 senior non-preferred

    • 07 Sep 2017
  • Julius Baer USD300m 4.75% PNC7 AT1

    • 07 Sep 2017
  • Yorkshire Building Society GBP300m 3.375% Sep 28 tier two

    • 07 Sep 2017
  • Yankees lead September charge in FIG dollar mart

    Yankee banks took advantage of favourable conditions and a funding lull from US rivals this week, going for size and diversity as the dollar market snapped back to life after the summer holidays.

    • 07 Sep 2017
  • Nationwide shows relevance of mutual-friendly CCDS

    Nationwide Building Society came out of nowhere to tap its rare and very popular issue of core capital deferred shares (CCDS) this week, piquing the interest of a good many bank credit investors. Nearly every building society can get along nicely without this innovative substitute for equity, but Nationwide’s efforts to keep the product relevant could well make it a viable option for the rest of the mutual sector, writes Tyler Davies.

    • 07 Sep 2017
  • EM bankers fret over Qatari bank return

    London’s emerging market bankers are growing increasingly concerned about whether the Qatari central bank will go ahead with encouraging the country’s lenders into international bond markets, as tensions between the country and its Gulf neighbours continue. Michael Turner reports.

    • 07 Sep 2017
  • Price rockets in on blowout Julius Baer AT1

    At the peak of demand Swiss private banking group Julius Baer was about 30 times subscribed for its first additional tier one (AT1) offering in dollars this week, prompting the leads to swing pricing in by about 75bp.

    • 07 Sep 2017
  • Bank of Ireland lines up first ever holdco in MREL debut frenzy

    Bank of Ireland is gearing up to issue its debut debt security from its new holding company, adding to a flurry of post-summer deals in which issuers sell new types of regulatory debt for the first time.

    • 07 Sep 2017
  • What Nordea's move is not

    Nordea announced on Wednesday that it was moving its headquarters from Sweden, where it has been since it was formed through a series of mergers in 2000, to Finland, where it will be supervised by the European Central Bank, as part of the ‘Banking Union’ arrangements.

    • 07 Sep 2017
  • Term Funding Scheme financing hits £75bn in June

    UK lenders had drawn over £75bn ($98.24bn) from the Bank of England’s Term Funding Scheme (TFS) as of June 30, according to figures released by the central bank on Thursday.

    • 07 Sep 2017
  • Southeast Asia bond supply set to slow down

    Southeast Asian companies have pulled off a dramatic increase in dollar bond issuance this year. But with Indonesia still representing the bulk of deals from the region, bankers are bracing themselves for a slow down as the end of the year approaches. Addison Gong reports.

    • 07 Sep 2017
  • Active covered issuers to hit new heights

    Debut benchmark covered bonds issued this week by Banco di Desio e della Brianza and Nykredit were preceded by Danske Hypotek’s inaugural deal, and with new names expected to follow later this year, the number of active issuers should reach new heights.

    • 07 Sep 2017
  • Ex-fin min dragged into Halkbank probe

    US prosecutors have widened the net in their case against Turkey’s Halkbank after bringing new charges against the country’s former economy minister and the bank's former general manager for breaking Iranian sanctions, sending Halkbank assets lower but not hitting the rest of the country’s banking sector.

    • 07 Sep 2017
  • Nationwide shops for CCDS ‘at half price in the sale’

    Nationwide Building Society was looking to cement the outstanding secondary market performance of its £550m core capital deferred shares (CCDS) by issuing roughly £500m more of the rare product on Thursday.

    • 07 Sep 2017
  • Otkritie downgraded with sub debt set to suffer losses

    Rating agency Moody’s has slapped beleaguered Russian private bank Otkritie with a two notch rating downgrade this week, as subordinated debt holders in the bailed out bank look set to take heavy losses.

    • 07 Sep 2017
  • Euro market empties in FIG ahead of ECB

    Financial institutions steered clear of the primary market in euros on Thursday as participants awaited the outcome of a well-talked-about European Central Bank meeting.

    • 07 Sep 2017
  • Nordea moves headquarters to join Europe’s Banking Union

    Nordea announced on Wednesday it would move its administrative headquarters from Sweden to Finland, allowing it to submit to supervision by Europe’s Single Supervisory Mechanism.

    • 06 Sep 2017
  • Aareal match funds with dollar Pfandbrief

    Aareal Bank turned to the dollar market on Wednesday to issue a $625m three year Pfandbrief to fund its dollar assets, thereby avoiding the need to swap proceeds back to euros.

    • 06 Sep 2017
  • CM-CIC takes covered bond 10 year by storm

    Credit Mutuel CIC showed that demand for duration is still strong, as it drew €2.2bn of interest for a €1.25bn covered bond that it launched on Wednesday on the eve of the European Central Bank’s policy meeting.

    • 06 Sep 2017
  • Nationwide unveils more of rare CCDS instrument

    Nationwide Building Society is offering more of its highly performing Core Capital Deferred Shares (CCDS), a rare instrument it pioneered back in 2013.

    • 06 Sep 2017
  • GlobalCapital Sustainable and Responsible Capital Markets Awards 2017: the Winners

    France, Tennet, NWB and Berlin Hyp are among the green and social bond issuers acclaimed in GlobalCapital's Sustainable and Responsible Capital Markets Awards 2017, which were announced on Tuesday in Amsterdam.

    • 06 Sep 2017
  • Investors hope for higher premiums in FIG

    With increasing risks around global monetary policy and rising tensions between North Korea and world powers, some investors are crossing their fingers that premiums will start to pick up towards the end of 2017.

    • 06 Sep 2017
  • YBS hedges model risk with T2 for MREL

    Yorkshire Building Society (YBS) opened books on new tier two in the sterling market on Wednesday, as it considered whether difficulties in the process of changing to a new way of modelling for risk could leave it short of its minimum requirement for own funds and eligible liabilities (MREL).

    • 06 Sep 2017
  • Crédit Agricole hires Soc Gen veteran

    Crédit Agricole CIB, the investment banking arm of the larger French bank, has hired a market veteran from Société Générale as global head of debt capital markets solutions and advisory.

    • 06 Sep 2017
  • China Minsheng rakes in $800m from anchored deal

    China Minsheng Banking Corp raised $800m from a dual-tranche floating rate deal on Tuesday, with some bankers describing it as a club-style bond because of the 18-strong syndicate group behind it.

    • 06 Sep 2017
  • Sluggish Italy lags behind Spain in getting banks up to speed

    Last week’s deals from BBVA and CaixaBank show just how much the Spanish banking sector is powering ahead of Italians in getting to grips with capital regulations.

    • 05 Sep 2017
  • Regulation needs credibility, MAR never had it.

    Julius Baer’s additional tier one deal on Tuesday attracted a splendid book — enough to gladden the hearts of syndicate bankers and funding officials. But it highlights the absurdity of Europe’s Market Abuse Regulation.

    • 05 Sep 2017
  • Why preferred senior bonds could start earning their name

    Senior preferred debt has never been cheaper for banks — and it has regulatory benefits as well. While funding teams rush to meet bail-in targets, there's a value in keeping the old asset class alive.

    • 05 Sep 2017
  • Investors flock to Desio’s covered bond debut

    Banco di Desio e della Brianza attracted outstanding demand for its debut covered bond, reflecting its rarely seen juicy spread and a scarcity of Italian supply this year. At the same time investors were receptive to Raiffeisenlandesbank NiederÖsterreich-Wien's (RLB NÖ-Wien) first deal in two years.

    • 05 Sep 2017
  • Nykredit gets solid execution for first syndicated covered

    Nykredit Realkredit attracted demand of over €1.5bn for its debut syndicated covered bond this week, a deal which despite being issued in rare floating rate format was readily absorbed by a new diversified group of mainly bank treasury investors.

    • 05 Sep 2017
  • Investors pump $9bn into sizzling AT1 from Julius Baer

    Swiss private banking group Julius Baer was about 30 times subscribed for its first additional tier one (AT1) offering in dollars on Tuesday, showing the strength of the Reg S dollar market at the start of September.

    • 05 Sep 2017
  • Belfius and Lloyds hit loss-absorbing euro seniors

    Belfius Bank this week priced €750m of five year senior non-preferred bonds at 62bp over mid-swaps with the first Belgian deal in the instrument, while Lloyds issued a new senior from its holding company.

    • 05 Sep 2017
  • Yorkshire preps rare T2 as CS lifts lid on sterling demand

    Yorkshire Building Society picked banks to arrange the sale of a new benchmark tier two on Tuesday, as it looked to follow a popular new senior issue from Credit Suisse in the sterling market.

    • 05 Sep 2017
  • Julius Baer opens debut dollar AT1 during Asia hours

    Switzerland’s Julius Baer Group is offering investors a little something new, launching an inaugural dollar-denominated Basel III additional tier one (AT1) bond on Tuesday morning in Asia.

    • 05 Sep 2017
  • China Minsheng offers investors dual-tranche floaters

    China Minsheng Banking Corp has jumped into the debt market, opening a dual-tranche floating rate offering for dollar investors through its Hong Kong branch on Tuesday.

    • 05 Sep 2017
  • Groupama offers ‘friendly’ call to T1 bondholders

    Groupama has said that it will call its 6.298% perpetual tier one bond at its first call date in October, having offered holders the chance to exchange the notes for a new tier two earlier this year.

    • 04 Sep 2017
  • RLB Noe-Wien set for covered bond return

    After an absence of almost two years, Austria’s Raiffeisenlandesbank Niederoesterreich-Wien (RLB Noe-Wien) mandated joint leads for a seven year euro benchmark covered bond.

    • 04 Sep 2017
  • CFF swipes €1.25bn in sevens

    Compagnie de Financement Foncier (CFF) enjoyed stellar demand for its €1.25bn seven year covered bond on Monday and, despite pricing flat to its curve just a few days before the European Central Bank policy meeting and after another nuclear test from North Korea, the deal attracted extraordinary demand.

    • 04 Sep 2017
  • Bondholders get big haircut as Co-op completes restructuring

    As part of its restructuring process the Co-operative Bank’s 2023 bonds have been cancelled, imposing heavy losses on investors.

    • 04 Sep 2017
  • Belfius set to join squeezed non-preferred market

    Belfius has mandated banks to arrange its first non-preferred senior bond, with market participants expecting further debut deals out of Spain in the coming weeks.

    • 04 Sep 2017
  • CSRC waves through Bank of Qingdao's offshore AT1 plan

    Bank of Qingdao has become the latest Chinese lender to move a step closer to selling offshore preference shares, receiving the blessing from the China Securities Regulatory Commission (CSRC).

    • 04 Sep 2017
  • Banks eye pent up demand in pre-ECB window

    The covered bond pipeline is set to empty early next week as issuer remain mindful to avoid the window around the European Central Bank’s next meeting on Thursday.

    • 01 Sep 2017
  • KEB Hana goes tight with debut dollar Formosa

    KEB Hana Bank sold its first dollar Formosa bond and only its second floating rate note post its merger on Thursday, raking in $350m. Ample liquidity in Taiwan and investors’ hunt for offshore assets buoyed the transaction.

    • 01 Sep 2017
  • Private bank demand fuels Sun Hung Kai's bond

    Sun Hung Kai & Co set a personal record this week, selling its largest dollar bond at its lowest coupon as private banks flocked to the unrated Hong Kong financial company.

    • 01 Sep 2017

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 9,196.65 41 6.03%
2 UniCredit 7,570.25 62 4.96%
3 Commerzbank Group 6,961.50 44 4.56%
4 BNP Paribas 6,833.59 30 4.48%
5 LBBW 6,799.87 38 4.46%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 86,402.71 348 7.39%
2 Bank of America Merrill Lynch 76,648.22 289 6.56%
3 Citi 74,063.12 448 6.33%
4 Goldman Sachs 71,639.28 392 6.13%
5 JPMorgan 69,536.04 335 5.95%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 63,244.76 346 10.46%
2 Bank of America Merrill Lynch 62,666.77 244 10.36%
3 Morgan Stanley 62,567.41 249 10.35%
4 JPMorgan 57,709.83 258 9.54%
5 Goldman Sachs 54,069.13 322 8.94%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 5,349.05 21 7.30%
2 LBBW 5,191.72 18 7.08%
3 BNP Paribas 4,566.36 14 6.23%
4 Credit Agricole CIB 4,553.92 17 6.21%
5 Commerzbank Group 4,242.73 17 5.79%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 8,682.34 22 13.77%
2 HSBC 8,067.77 29 12.79%
3 BNP Paribas 4,343.93 23 6.89%
4 Credit Suisse 4,219.22 21 6.69%
5 Citi 3,992.43 32 6.33%